ST. PETERSBURG, Florida- Bison Financial Group, a real estate advisory firm based here, announces the closing of a $1,040,000 loan to refinance a 57 unit portfolio of apartment properties spread over five locations located in the greater Clearwater/St. Petersburg, Florida area.
Bison was referred to the borrower by a longtime associate as all previous attempts to figure out a solution for the transaction had failed.
Bison represented the borrower, a St. Petersburg based private investor, who had worked out a discounted pay off (DPO) with his current note holder. “The balance sheet loan allowed our client to take advantage of a discounted loan payoff from the existing note holder and provide funds to implement a capital expenditure program to improve the properties and help stabilize the assets”, said Jared Repka, co-founder at Bison Financial Group.
The borrower turned to Bison Financial Group as they had only weeks to close to take advantage of the discount being offered by the note holder and needed surety of execution.
“The DPO amount represented a 50% principal reduction on the formerly outstanding debt balance”, said David Repka, President of Bison Financial Group, “our client was literally driven to tears of joy with the outcome as it enabled him to save his investment portfolio and clear the deck from potential litigation and bankruptcy.” The loan was arranged with a local community bank on a 10-year term at 5.95% based on a 25-year schedule.
Bison works with investors and developers nationwide that invest in multi-tenant income producing properties and freestanding, single tenant facilities leased to credit tenants. Bison has an array of unique and dependable sources of private and institutional capital willing and able to lend on stabilized and turnaround properties in all shapes, sizes, conditions and locations. Bison has closed complex loans on commercial real estate in as little as 11 business days.